In 2006, Apple Inc sold inventory for 100,000 pounds to Nature, a British firm. The terms were
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Question:
In 2006, Apple Inc sold inventory for 100,000 pounds to Nature, a British firm. The terms were FOB Destination and full payment in pounds was received on 1/14/07. The inventory was delivered on 11/28/06.
Direct spot rate information for the pound follows.
10/17/06 (order date) $1.60
11/28/06 (delivery date) $1.64
12/31/06 (Year end for Apple) $1.68
1/14/07 (payment date) $1.67
Prepare all the appropriate journal entries to be recorded on the books of Apple Ic. for the year 2006 and 2007.
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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